Transferring money from Hong Kong to UK

[HKFoot]

Hi, I am a Hong Kong ethnic Chinese but acquired UK citizenship under British Nationality (Hong Kong) Act, 1990 before the UK left HK. I rarely live in the UK other than brief vacations.

My nephew and nice are also UK citizens. They are educated in the UK and now working there.

In order to have their own flats/houses, I intend to give them £110k each for set up as first-time home buyers. The money is a gift with no restrictions. I intend to transfer the money to their UK bank accounts or I send it to their local Hong Kong accounts and they do the transfer to the UK themselves.

However, though the Hong Kong part is easy, I am not sure whether UK tax can be involved or in the future.

Thank you for your advice.

[JRG]

There is no UK tax applicable on gifts of money. The only tax applicable will be on any interest accrued on their accounts.
Be aware that money received from abroad may be subject to review under UK money laundering rules.

[HKFoot]

Many thanks for the prompt reply, JRG. I appreciate you…especially your kindness

Thank you to alert me but I am not concerned about the UK money laundering rules. I intend to transfer the money through the Hong Kong Citi Bank or HSBC and they can trace my finance history for more than 10 years. However, do my nephew and nice have to report to the HMRC after collecting the money?

As I have no knowledge of the procedure to buy property in the UK, should I transfer the money to my nephew and nice and let them do the rest, or I should wait and transfer the money directly to the solicitor of the landlord when everything is finalized?

Thank you for brightening my world folks